Government of India has announced the interest rate for Small Saving Schemes like NSC, PPF, SCSS (Senior Citizen Savings Scheme), KVP, Sukanya Samriddhi Account, Post Office RD Account and Post Office Time Deposit for the period October 2018 to December 2018 (Third Quarter of FY 2018-2019).
Interest Rates Schedule for Post Office Small Saving Schemes
Earlier
Government used to notify
Interest
Rates for Post
Office Small
Saving Schemes once
yearly. But now Government notifies
Interest
Rates for Post
Office Small
Saving Schemes every quarter. The quarterly interest rates for small
saving schemes timetable
given in the
table below.
S.
No.
|
Interest
Rate
would be effective for the quarter
|
Date
on which it will be notified
|
1
|
1st
Quarter (April to June)
|
15th
March
|
2
|
2nd
Quarter (July to September)
|
15th
June
|
3
|
3rd
Quarter (October to December)
|
15th
September
|
4
|
4th
Quarter (December to March)
|
15th
December
|
Government
notified
the Interest Rates for Post
Office Small Saving Schemes for the
third quarter of financial year 2018-2019 (October
2018 to December
2018).
Interest Rates for Small Saving Schemes for the period October to December 2018
This
time, the government has hiked
interest
rates for
post office small saving schemes.
Some
of the interest rates are increased by 0.4%. The
announcement about this was made by Ministry of Finance. For
the detailed notification, please click here
Interest Rates for Post Office Saving Schemes for October to December 2018
1.
The
Senior Citizens Saving Scheme (SCSS)
would now
offer
the interest rate of 8.7%.
At
present, this is the highest interest rate offered on Post Office
Saving Schemes.
2. Sukanya Samriddhi Account will offer the interest rate of 8.5% per annum.
5.
Kisan Vikas Patra (KVP)
will offer
an interest rate of 7.7%
and now
mature
in 112
months.
The
interest rate for Time
Deposit of 1 Year is
6.9%
The
interest rate for Time
Deposit of 2 Years is
7%
For
Time
Deposit of 3 Years is
7.2%
Time
Deposit of 5 Years is
7.8%
8.
The five
years RD Account will offer
an
interest rate of 7.3%.
9.
The interest rate for Post Office Savings Account has
been
kept unchanged
at
4%.
Interest
Rates for Post
Office Saving
Schemes for October
to December
2018
Scheme
Name
|
Rate
of Interest from 01/10/2018
to 31/12/2018
|
Rate
of Interest from 01/07/2018
to 30/09/2018
|
Frequency
of Compounding
|
Post
Office Savings Account
|
4%
|
4%
|
Annually
|
Time
Deposit 1 Year
|
6.9%
|
6.6%
|
Quarterly
|
Time
Deposit 2 Years
|
7%
|
6.7%
|
Quarterly
|
Time
Deposit 3 Years
|
7.2%
|
6.9%
|
Quarterly
|
Time
Deposit 5 Years
|
7.8%
|
7.4%
|
Quarterly
|
Recurring
Deposit 5 Years
|
7.3%
|
6.9%
|
Quarterly
|
Sukanya
Samriddhi Account
|
8.5%
|
8.1%
|
Annually
|
Kisan
Vikas Patra (KVP)
|
7.7%
|
7.3%
|
Annually
|
8%
|
7.6%
|
Annually
|
|
National
Savings Certificate 5 Years
|
8%
|
7.6%
|
Annually
|
PO
Monthly Income Account
|
7.7%
|
7.3%
|
Monthly
and paid
|
Senior
Citizens Savings Scheme
|
8.7%
|
8.3%
|
Quarterly
and paid
|
Note
that the Interest Rates for Post Office Saving Schemes like
Post
Office Recurring Deposit Account, Post
Office Time Deposits,
KVP,
SCSS, National Savings Certificates and Post
Office Monthly Income Account,
are locked-in. The
interest offered on these
schemes
on
date
of investment will remain same for the entire tenure on investment.
The interest rates on
PPF and and
Sukanya
Samriddhi Account are
applicable as declared every quarter irrespective of the time of
opening of the account.
With
increase in interest rates on Post Office Saving Schemes by 0.3% to
0.4% by Ministry of Finance. The Post
Office Saving
Schemes
now
offer
highest interest rates as compared to other saving schemes. You can
consider investing in these schemes if your risk appetite is low.
Also read: Public Provident Fund (PPF ) - A popular saving scheme
Also read: National Savings Certificates (NSC)
Also read: SBI Recurring Deposit Account
Also read: Post Office Monthly Income Account
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Also read: Public Provident Fund (PPF ) - A popular saving scheme
Also read: National Savings Certificates (NSC)
Also read: Post Office Monthly Income Account
If you liked this article, share it with your friends and colleagues through social media. Your opinion matters, please share your comments.
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